Breaking down the stocks Thomas Gayner (Markel Group) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Markel Group's 13F filed on May 01, 2026.
Who is Markel Group?
Markel Group is a holding company focused on specialty insurance underwriting, long-term equity investing, and ownership of diversified operating businesses (commonly referred to as Markel). The company is known for its diversified equity portfolio, typically consisting of 130-140 stocks, with the top 10 holdings comprising approximately 40% of equity assets, and cash and short-term investments averaging around 15% of total invested assets when balancing liquidity needs against opportunities. Their investment strategy is a long-term value investing approach inspired by Warren Buffett, emphasizing buy-and-hold ownership of high-quality businesses evaluated through four key pillars: profitable operations with good returns on capital and minimal debt, management teams with equal measures of talent and integrity, businesses with favorable reinvestment opportunities, and purchase prices that provide a margin of safety. Markel focuses on undervalued or underappreciated companies that can compound intrinsic value over decades, with strong qualitative factors like durable competitive advantages, reliable cash flows, resilient balance sheets, industry leadership, and alignment with the company's "Markel Style" values of excellence, fairness, and frugality.
Markel.com
Markel Group on X
Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| DE | Deere | 12.2% | $494.52B | |
| BRK-A | Berkshire Hathaway | 10.5% | $423.7B | |
| AMZN | Amazon | 9.7% | Trimmed (-7%) | $392.03B |
| ADI | Analog Devices | 8.0% | $322.35B | |
| AAPL | Apple | 7.4% | $299.24B | |
| GS | Goldman Sachs | 7.0% | $284.01B | |
| CAT | Caterpillar | 5.6% | $225.75B | |
| BRK-B | Berkshire Hathaway | 5.1% | Trimmed (-72%) | $204.86B |
| BLK | BlackRock | 5.0% | $200.23B | |
| BN | Brookfield | 4.8% | Trimmed (-64%) | $192.56B |
| LPLA | LPL Financial | 4.1% | $167.76B | |
| DIS | Disney | 3.8% | Trimmed (-22%) | $152.03B |
| GOOGL | Alphabet | 3.6% | $143.78B | |
| JNJ | Johnson & Johnson | 3.5% | $142.77B | |
| RLI | RLI | 3.1% | Trimmed (-8%) | $125.58B |
| ADM | Archer Daniels Midland | 2.4% | Trimmed (-11%) | $97.05B |
| HD | Home Depot | 2.3% | Trimmed (-70%) | $91.07B |
| GOOG | Alphabet | 2.1% | Trimmed (-89%) | $85.26B |
| NVO | Novo Nordisk | 0.0% | Exited | $-85.37B |
| SPGI | S&P Global | 0.0% | Exited | $-78.23B |
| DEO | Diageo | 0.0% | Exited | $-118.34M |
| BAM | Brookfield Asset Management | 0.0% | Exited | $-114.94M |
| CG | Carlyle Group | 0.0% | Exited | $-78.44M |
| ECL | Ecolab | 0.0% | Exited | $-72.01M |
| ROK | Rockwell Automation | 0.0% | Exited | $-60.27M |
| ITIC | Investors Title | 0.0% | Exited | $-53.25M |
| SBUX | Starbucks | 0.0% | Exited | $-52.53M |
| TSN | Tyson Foods | 0.0% | Exited | $-51.85M |
| THG | Hanover Insurance | 0.0% | Exited | $-51.36M |
| AON | Aon | 0.0% | Exited | $-47.3M |
| ACN | Accenture | 0.0% | Exited | $-42.77M |
| HGTY | Hagerty | 0.0% | Exited | $-41.77M |
| RTX | RTX | 0.0% | Exited | $-41.08M |
| HCA | HCA Healthcare | 0.0% | Exited | $-37.67M |
| FERG | Ferguson Enterprises | 0.0% | Exited | $-36.4M |
| TMO | Thermo Fisher | 0.0% | Exited | $-36.39M |
Current Investment Strategy
Markel Group, the Richmond-based specialty insurer led by CEO Tom Gayner, maintained its hallmark Buffett-inspired, buy-and-hold approach as of Q1 2026, anchoring its $11.9 billion public equity portfolio around durable, capital-light compounders — led by Alphabet, Berkshire Hathaway, Deere, Amazon, Brookfield, Analog Devices, Apple, Goldman Sachs, and Caterpillar — with ultra-low portfolio turnover and no new positions initiated during the quarter. The firm trimmed its exposure to international consumer staples, healthcare, and financial data names by fully exiting Novo Nordisk, Diageo, S&P Global, Brookfield Asset Management, and Carlyle Group, signaling a sharpened focus on large-cap technology, industrials, and financials while Gayner emphasized balance sheet strength and disciplined capital allocation amid broader market volatility.
New Investments
Markel Group did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
Markel Group made no additions to any existing positions during Q1 2026.
What it means: The complete absence of buying into existing holdings—paired with broad, aggressive selling across the portfolio—signals that Markel Group was firmly in reduction mode this quarter rather than deploying capital opportunistically. For a firm with a patient, buy-and-hold philosophy, this is a notable posture.
Trimmed
Markel Group trimmed eight existing positions this quarter, with the sharpest cuts in Alphabet (GOOG), reduced by ~89% (from ~2.75M to ~297K shares), Berkshire Hathaway (BRK-B), cut by ~72% (from ~1.53M to ~428K shares), Home Depot (HD), reduced by ~70% (from 920K to ~277K shares), and Brookfield (BN), slashed by ~64% (from ~13.1M to ~4.76M shares). Smaller reductions were made in Disney (DIS) (-22%), Archer Daniels Midland (ADM) (-11%), RLI (RLI) (-8%), and Amazon (AMZN) (-7%).
What it means: The severity of these cuts—especially in long-held core names like Alphabet (GOOG), Berkshire Hathaway (BRK-B), and Brookfield (BN)—goes well beyond routine rebalancing. Reducing Alphabet (GOOG) by nearly 90% is particularly striking for a firm that prizes long-term ownership. The simultaneous trim of Brookfield (BN) alongside the full exit of Brookfield Asset Management (BAM) points to a deliberate, coordinated unwinding of their Brookfield-affiliated exposure. Taken together, the pattern strongly suggests Markel Group is concentrating its equity portfolio into fewer, higher-conviction positions—and potentially raising cash for deployment into their operating businesses or fixed-income holdings.
Exited
Markel Group fully liquidated 18 positions in Q1 2026: Novo Nordisk (NVO), S&P Global (SPGI), Diageo (DEO), Brookfield Asset Management (BAM), Carlyle Group (CG), Ecolab (ECL), Rockwell Automation (ROK), Investors Title (ITIC), Starbucks (SBUX), Tyson Foods (TSN), Hanover Insurance (THG), Aon (AON), Accenture (ACN), Hagerty (HGTY), RTX (RTX), HCA Healthcare (HCA), Ferguson Enterprises (FERG), and Thermo Fisher (TMO).
What it means: Exiting 18 positions in a single quarter is an unusually aggressive cleanup for a firm known for decade-long holding periods. The exits span nearly every sector—financial services (S&P Global (SPGI), Aon (AON), Brookfield Asset Management (BAM), Carlyle Group (CG)), healthcare (Thermo Fisher (TMO), HCA Healthcare (HCA)), consumer brands (Diageo (DEO), Starbucks (SBUX), Tyson Foods (TSN)), industrials (Rockwell Automation (ROK), RTX (RTX), Ferguson Enterprises (FERG)), and professional services (Accenture (ACN), Ecolab (ECL))—suggesting this is a deliberate portfolio simplification rather than sector-specific concerns. The breadth and speed of these exits, combined with the heavy trimming described above, indicate Markel Group is undergoing a meaningful strategic shift toward a leaner, more concentrated equity book.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
